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Almost 20m Britons log onto banking apps

Some 38pc of the adult UK population used a banking app in 2016 as the number of people turning to their smartphones to manage their personal finances climbed by 11pc on the year to more than 19.6m, a report by the British Bankers’ Association (BBA) and accountancy giant EY has found.

The number of app transactions leapt by 57pc to 932m, equating to 30 each second, the BBA and EY said. Apps were mainly used to check account balances, but were also increasingly used to check statement entries, transfer money between accounts and pay bills… More at The Telegraph.

I can’t remember the last time I visited my local bank branch. There are no doubt many concerns about security and money has to be poured into new technologies, but I suspect the banks are raking it in compared to having to employ so many staff in thousands of branches.

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One thought on “Almost 20m Britons log onto banking apps”

Yet another thing where we remove human contact. Although I do most of my banking from home, I was actually in the bank yesterday because we haven’t figured out how to deposit cash electronically. Since it’s a simple transaction, I waited for the machine. Unfortunately, the two people who were using the machines, it’s a small branch, were doing lots of banking. The machine lineup was increasing, but the two tellers on duty were sitting there waiting for someone. So after about 5 minutes, I went a teller.The whole thing took just a few minutes, but was very pleasant. She also notified me that I could raise my credit card credit limit. But she did it with a smile on her face so that I’d know that she knew I probably wasn’t interested but that it was her job to tell me. I miss that interaction.